CoinWorld reported:
Bitcoin has tested the 200D-SMA for the third time since August, with analysts monitoring potential bullish breakthroughs.
After briefly dropping below $63,000, Bitcoin’s price has rebounded to $64,000, generating renewed interest, particularly as it faces a critical technical level: the 200-day simple moving average (200D-SMA).
200D-SMA: A Persistent Barrier
According to expert analyst Ali Martinez, the 200D-SMA has proven to be a significant resistance level for Bitcoin. The first test of this moving average in mid-August was rejected, leading to a subsequent price decline. This indicates its role as a formidable barrier.
BTCUSD 1-Hour Chart Trading View
The second test from late August to early September was again rejected, as Bitcoin struggled to breach this technical obstacle.
Now, as Bitcoin tests the 200D-SMA once more in mid-September, analysts remain cautiously optimistic. According to Martinez, a successful breakthrough of this level could herald a potential bullish shift, marking a key turning point for the cryptocurrency’s short-term outlook.
Parallel Market Trends
In another bullish article by Martinez, the analyst’s observations reveal significant similarities between Bitcoin and other major assets such as gold and the S&P 500 index.
After a prolonged period of consolidation, both assets have recently exhibited bullish trends, suggesting that Bitcoin may follow a similar trajectory.
I wonder what gold and the S&P 500 are trying to tell us about #Bitcoin…
